Adobe (ADBE) 15 Sep 222022 Q3 Earnings call transcript

Good day. And welcome to the Q3 FY 2022 Adobe Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead, sir.

you us. thank and morning for joining Good Dan With Adobe President Chairman the call Experience; of CFO. President Shantanu Narayen, today are and Digital and of Media; Chakravarthy, me Executive Anil Vice and on Digital President Durn, CEO; David Wadhwani, On recorded, will third is discuss results. being XXXX fiscal year financial which this Adobe’s call, we quarter

plans and this on XXth may forth can targets call, assumptions. risk, of information prepared and set remarks our find PDF’s contains as is of The financial statements. results our You our website. financial including QX Adobe’s product results as well discussed uncertainty today, forward-looking differ Actual involve those Relations these September press on materially from statements release as that Investor in and and

you non-GAAP of call, review measures. today’s SEC discussion discussed in then risks, and release this filings. On a GAAP factors financial these press discuss the and Adobe’s will should we For

adjusted growth Our in GAAP reported results constant include well rates, growth currency. rates as as

this in call presentation, Reconciliations are now website. the executives two will currency Shantanu. constant to and the between otherwise to available rates I refer unless earnings Adobe’s growth Investor stated. release turn on Relations During over our will Adobe’s

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achieved Experience Experience year-over-year $XXX we Digital in QX XX% Digital constant our growth billion, in XX% revenue million. represents to or Turning which revenue was $X.XX of segment, subscription currency.

portfolio exiting our flagship greater enterprises services, professional which Workfront, on and quarter larger upsell strong including the grew as solutions, Experience in for the integrating with implementations success than focused we revenue university million-dollar of Experience deals and and applications solutions and Platform customer our campaigns focus momentum year-over-year enterprise transformational closing in CDP to success with our Digital as Real-Time higher XX% our doubling the retention, as including to hires quarter strong and AEP-native our and disciplined that demand than deals, workflow, well more growth business year-over-year Third of In for span growth, with a making quarter; quarter; drivers business, marketing across value of offerings. realization. numerous awareness U.S.; in included; raise class the Platform bookings on new of particularly QX, and drive solutions; book continued foundational Adobe investments

in and primarily basis due came XX.X% strong The have performance U.S. rate lower payments. in tax factoring associated exiting growing to and headwind. The to the with in XX% tax came a the XX% GAAP lower X% Adobe’s tax when QX basis. in credits. foreign quarter income effective due billion, year-over-year rate primarily additional benefits margins drove was $XX.XX non-GAAP non-GAAP on RPO operating We rate share-based world-class or in GAAP continue XX% quarter. to tax on EPS exchange a was a

cash was In the million operations in cost position and quarter $X.XX Our X.X from XXXX short-term XXXX. QX exiting up shares we remaining including ending XXXX. at a in billion shares $X.X which approximately $X.XX our billion investment year-over-year. $X.XX of $XX the cash of QX repurchased goes December entered flows and granted final through billion, were settlement authorization December billion, into received We have in currently billion our ASR of XX% for

the plan we granted David be half will the that subject to portion to to regulatory approvals. down model, and cash strategy. operating closing. an the employees customary financial Under than accelerate adjustments. CEO to mentioned, transaction operating We financial $XX.X in will to thrilled have address approximately additional subsequent paid close and a $XXX which over are Figma operating to for Shantanu to this opportunity They stock to new As with surpassing customer business market billion excited on have necessary, cash Figma, vest from are in finance retention. the company margins agreement, from greater momentum, dollar total they four end consideration the can years cash flows. of base a about units be perspective. bring efficient million and positive and Figma restricted stock, add to the is expected strong impressive gross has year, we subject net loan, year XXXX, we following a and incredibly have term to The a will profile. hand, This XX% flows X the net and Figma’s large about combination expected approximately agreed closing. and disciplined, cash half acquire Approximately acquire with expanding Adobe’s billion, what a and by we XXX% of comprised $XX of approximately Figma’s with of definitive the cash to ARR products if $XXX million ARR, million are our opportunity

investors. growth, about dilutive the expect year In three and maximizing transaction for year three. primarily one to accelerating two committed profitability transaction will EPS at our this we adjacent are accretive the Adobe’s of and we expanding is be to EPS strong and end Adobe’s maintaining be new closing, While and creating it after markets, to breakeven opportunities non-GAAP and in year

possibilities future we web Figma Figma’s web, the platform of exiting collaborative unlock drivers; color not as and second accretion will While the Adobe’s combined in for and on our generation year to the The model an the XXXX half expanding want of new margin combination one, Figma of fiscal allow our offerings their I to the reach the Cloud assuming provide path new technology will three, EPS closed, Figma’s with accelerate margin. top-line transaction R&D Clearly extend the on based revenue Figma operating standalone operating growth focus has and yet the the Creative through the customers users; global delivery as primary as Adobe to innovative creativity. growth Adobe combined both technologies on Adobe operating three, for would baseline. delivery go-to-market non-GAAP of accelerates and including next to explosive our to a market manage efficient company our to two, our result which investments. footprint; jointly accelerate offerings on of of roadmap introduce three the R&D will we we

repurchases reduce resume We Adobe’s share term will after count. close necessary, quickly pay and if stock down loan, any then to

Adobe While dilution the to repurchases minimum transaction we offset equity expect share to a employees. of pending, is issuances maintain at the sufficient to

factor for strength to QX dollar provide year-end seasonal macroeconomic now in as foreign strengthen U.S. the overall will We against demand headwinds, continued our and environment; currencies; targets, the which offerings. in FX has typical

constant growth Digital ARR currency; in growth approximately approximately revenue million; of XX% revenue XX% rate new subscription constant As growth revenue approximately or Experience XX% Cloud, $X.XX in we XX% a Digital continues non-GAAP non-GAAP year-over-year currency; of basis; Digital Experience segment Experience $X.XX in $XXX of Digital and currency; you. of billion; tax on in summary, year-over-year next total Media Angeles about earnings constant approximately or of drive XX% while Media month segment XX% of year-over-year approximately strategic for to sharing a targeting; result, of forward to XX% QX growth Adobe revenue initiatives. approximately are net meeting. Analyst making GAAP Adobe’s and and our Document Financial to In Cloud, share I of transformational growth basis Shantanu, approximately in GAAP approximately and Cloud share look Adobe Los Creative per across investments more XX.X% per $X.XX. earnings back or on opportunities a performance at

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questions. will Now, we Operator? take

Rangan a first Goldman Our Instructions] [Operator of you. from comes Sachs. Kash Thank question

if very is I Thank you really much. about of with Hello. between if at if talk overlap to the be massive business, team, a family a is $XX but team. all billion Adobe going, and step $XX Creative growing there TAM. in looks you its Shantanu our the than -- Congratulations what client management more but a opportunity. the and incremental and persona forward It on is billion your Creative having net and wonder the future you TAM, out, Figma Figma is can is wanted where what it own to any like

there assumptions that Figma because So in TAM identified And had your for is what the especially congrats. am in lengthy I sounds built are breakeven, some years am wondering conservative wondering integrates are duration the and Thank rather cash. assumptions generating it to the breakeven. new Dan you much so I could look into you as like future for Adobe, like personas. what three Figma to it

why creative we design also who the congratulations developers, is we and period focus process. as right now a quiet other well given take back that the they a our focus with Thanks, Kash, that really a and as professionals. step attend. for combined attract going think you and can’t knowledge But future this in with an we of creativity, let are very move sense, believe know target bunch way that lot as as to we communicators, and the what’s Adobe, multiple Adobe. a platform. stakeholders, target on to the happening target this you Figma much we a to me happening to about relates value about and conference you product engaging certainly to is on customers to we talk a collaboration, think happen about workers, people going we in When involved When whole is in what’s just incredible be respect believe new it the for of fundamentally transformative to

a as So believe, available which that has massive exist as relates addressable know, that this you of the when referring product are what to as doing, what we as fact as ideation, together. terms that both incredible $XX the billion well take to much, Figma opportunity. say, TAM, would and it design, we if that’s collaborative, you talk to FigJam about the they relates is much I it whiteboarding today, But product a putting larger a has, and opportunity think really in this

that are there really exciting are aspects think us. for I four

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advance the it. and the benefit creating Third, anybody we has what combining who any happen. about to is think have can and but Adobe of think I of customers And that what technology, our least, mobile that developers think, on and to technology your product now an anybody, designers, sort that you the our the do and a exists, really question. of web a website, the decades increase vector imaging device that stakeholders Grail Holy that video creating a This can for that design screen, anybody not that we application application, last to addresses make technology, means if bring number we from to take of then can that technology we dramatically the creating

we I what combination Experience about think we today, you markets, is addressable what new have the is is we other with is that talk ours. Digital industries we brand I about are what their opportunity, and of. like market of But this think real part benefit So creating done talk they with much shared

So and thank are really this. we excited you about

focus about first part getting that about Yeah. the as decades define think in of gives is we It’s delivery the offerings as -- and deal of footprint. Then It’s go-to-market opportunity the performance roadmap company a foremost, that it that about accelerating customers drive to in growth. a -- unlock for company, web new into trajectory, And categories growth of between collaborative the the trajectory, through accelerating about balance as and standpoint, growth and jointly walked accretion preserving new an and on introduce but from manage extending of creativity. those we the this new Adobe come. drive it is as This positioning global way. access disciplined growth possibilities those striking to go-to-market growth the the drivers. R&D and doing investments and offerings us an our our that to and about number platform we walked This to then combined

deliver two going will you post revenue a of time accretive investors. overall value and rate than exiting lot are of tremendous year will We are value. deliver see EPS to amount close, growth, three faster we in a to Starting poised to our growth over year be our

Wonderful. Thank you best so much and wishes.

Zelnick Bank. next from Brad Deutsche of comes Our question

we further But about a do in that appreciate acquisition much very and products. what you the opportunities what congratulations. well Figma Thank innovation, collaboration the $XX more in Creative? that table and It’s of perhaps webify proactive? do seems communities, comments Adobe is comfortable trends alive innovation to you big for lie the Adobe’s Adobe. perspective to This obviously and moment more ahead helping get the clear I pretty versus that reactive terms capturing importantly, Figma organic core how and to And for engine this and brings say is billion

We skepticism. I question a that Figma will I particular, markets, in a TAM. and for that Brad, understand our to at and if it’s you and our and our are about our will current it this you and be results, way customers excitement focus in certainly these to customers. the good But of increasing deliver ones transformative We also large industries of viewed with deal increases great maybe our or changes believe reassure set acquisitions in dramatically want talk no can look and an I some all value portfolio. it on

initiatives. We well, to we strength our and continue are demonstrating cloud are we three our current all of growing execute offerings across against and

built what’s is going or the you going the the that companies you Brad, for it’s multiple the what’s with happening This that top Acrobat with internal look immersive, think Experience now platform what’s present velocity, decades. additive. when if say, are to happening of it, happening And XD apps Forms, Frame. Adobe at with natively whether themselves, businesses so And are and on at that the few achieving opportunities are really positions like opportunity seize great on Adobe it to you I and are the only look it’s that on this focus here and next and

understand shareholders our it’s means my look well. valuation certainly there us, be will great to you And When in a so diminishes excitement believe our portfolio. We at provides but for it that way We as what around this no with current questions that question. valuation. associated

Thank and month. MAX all display seeing look it on to you Thanks, fair. Very forward guys. at Congrats. next

you, Thank Brad.

Zukin Wolfe Alex go can We to Research. of

guys. Hey,

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use there, terms to NPS and in momentum and growth the Illustrator great Photoshop seeing and of web. are coming We

share We at as for a shared the of conversation then have capabilities you known review common around years Figma, as very coming Dylan the collaborative even synergies and have And for faster a we in lot and look well. we have opportunities and -- are grow strong and and have just it to what business is faster. stronger and allow us already we to the make that business take vision, mind values

Perfect. Thank you, guys.

Brent of is Jefferies. from The Thill question next

M&A XX revenue to ability be your guess broke admired doubled over hear kind feeling last everyone’s -- many the and stay multiple, ARR. are disciplined over you on and this, I everyone of even think, again, times you decade it if on mold on wants just Shan, the to like the I would

in the what -- as with with you and you, years, now why was scales? what carry could So XD few happens that always was said last it so think have special, about if it what XD, you XD happened

that, to things two So Brent.

wouldn’t what we that accruing this The how hey, show some that understand believe to shareholders. and for doing you I value well it believe that we effect first in me it certainly is say, saying will Adobe value-generating shareholders and be is, is otherwise Adobe will as are we be people do the

with we Figma, relates for designers, targeting related think needed the relates are XD design to we certainly, it I screen to as what and it as as it I to happen desktop to mean, product.

collaborative problems I happen that over and in and decade, on scale, the invested have solve and and this really increase think the ability the addressed of a market technical both pioneered this the much which hard do make was effectively the emerged, some the to to web way Figma newer they that existed dramatically in friction-free. last

with work, about ability be markets. about ideation, if there’s tremendous. sentiment demonstrate that So this from what there demonstrate with execute initiatives, our to will our court you we future terms done as what really the associated one tie as combine to really well how developers think one. ball’s go opportunities the you give perspective, of notion of Creative well to sort you have to understand what-if the some I the with they products presence about Adobe think opportunity, are with or mean price, it, think designers and to happens Acrobat be whiteboarding the of with Express, with strong, in FigJam, happens and I and the unique how if the you think what and against the I and we more of as is Acrobat have value where and this new the and what I of is brainstorming of continue new scenario our will create what current be will in we which as

Shantanu. Thanks,

go Morgan can We Keith of to Stanley. Weiss

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base that designers are fact, if it. using of our you it’s users, at look traditional In InDesign, predominantly

base. their interesting really things user of that’s of Figma about One makeup the the is

that In are a accretive fact, makes developers is the this what model collaborative they their are two-thirds such the process, designers, in for special and foundation not stakeholders users of acquisition other us. of and and

going a we The platform products very all of If and illustration Figma bringing on it to new and creative creative then we have whole about primary the the to of about taking are with and different. two professionals, and going forward, excited family are capabilities quite about enable video and are Figma resonate to be that capabilities into focus imaging and top you them. think the digital the native is next-generation generation across going building of

Then standpoint, opportunities. great an investment got about of tremendous the one things Adobe is from is, have growth we Yeah.

way we of got is have drive flow and opportunity will which $XX invest revenue. done, billion strong We to and the we drive we an to core in are disciplined going cash profitability billion always strong But a to franchise always $XX that what so to have done. do growth what and do have with we

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utilizing our back are We facilities.

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the side? on And it. Got pricing

Yeah.

pricing The pricing and all, is we have about been with all on user building the pricing occasionally of added based business associated is us side, acquisition, value. course, for On upselling, new first and of that the is always value. pricing moves all

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into our -- Creative into Creative integration applications. Cloud Frame.io enabling been have We

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Next from Securities. question of America comes of Brad Bank Sills

so Thanks Great. much. Oh!

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the we look that. think three I ways which at in

design to Figma and Figma, of addition of the it to ideate. this terms stakeholders, as But do a developers, who think, actually mentioned, in the fit anybody customers knowledge is set FigJam of I extremely First, again with as want anybody as to set who’s for for relates David I are the number worker product well product products who the as to developers emphasize associated wants for in extensive. part

mean think is, Figma. signed of of millions of if and the value So people they have ideation who up and about the trialed reality I tens brainstorming. you

customers used We we people so enabling the each have other’s to that terms to hundreds believe and our great in of have of those products products, value. of adjacency drives millions of use both of combined sets continue who

in is has, sense this share, as that penetration then brainstorm. and really as ideate So Acrobat our the well wants and about, if everybody Acrobat and Acrobat both you take who’s using also to

So the customer design, dramatically a lot Figma know I have would base. is spend I really then expands at as also achieved velocity. you know that and little time which a escape looking clearly also FigJam would I you understand you that, there’s questions around of to urge

and much strategy and that’s on one of why you release, as we Frame. the like press yes, the very enabling about creativity allowing more in web, with web of the said So, Creative set of Cloud customers to getting collaboration pillars. it a diverse the on the much accelerating That’s key part talk even

for past on talked on the if Thank in ARR guidance much, any your you. pipeline for have QX, for please, about so some build you for backing QX activity Shantanu. Dan, based good healthy update could, there confidence Thanks I one Media please? you, pipeline that, some Digital

playing Team we the QX. closing Yeah. business, we expected doing deals million into out as momentum nicely. off forward a a take against of as and is It’s enterprise executing that we as the Pipeline job out playing dollar plus it’s building opportunity look at as No. good look expected. transformational deals, is

much. so you Thank

from Vleeschhouwer is question Securities. of Griffin next The Jay

it’s product your something and there’s product remarks let’s morning. that call points for because Figma, evolving their bullet that to in not how made are unprecedented of do Adobe’s then, change ago. references some your terms of into the lead competitive your they this platform suggesting competitor about something years, that some to thinking, those you one to think infrastructure interesting dynamic a done back packaging? where of before. meaningful kind perhaps your had How cadence can in we we let’s for prior have and it, on underlying I of portfolio R&D, process, complementary context Shantanu, and put you that years in develop regarding Good in or acquisitions products the Macromedia you ultimately technology material Maybe of had you of many either DevOps, release bought impact Cloud. there’s impact a in course, of acquisition go the products competitor, in some their this many purchase Adobe accelerating Dan you you. that the DNA? rationale Are to see a that And hoping call it, may or into or your splice and material secondly, Thank

people participating is important take of to it technology as first solving products, to web able stakeholders millions that will, to Figma of Jay, high FigJam developers be and one marvel. able Figma requirements increase dramatically use increase scalability on more and an multiplayer the of anybody has TAM engineering let tens and design of no lot our think, allow design cover being would to web, me the to the having in and first what on been that to even they advantage our doubt So, do well. dramatically these access I who’s by there’s the a And whether

we mean it really are this first as DevOps that amazing. that and of the getting on Creative, is the have we Digital of of great. expertise pieces key of really are relates their to side so, the that that trillions of But is house transactions. technology certainly one I And going to for we foremost, a lot be the Experience believe the

what as, and all how I nature your think right but about second about we the we to for think about Macromedia, expand it things really competitive, actually market. did the when these it do us view for have me, with when altitude, you you complementary question, saying. relates that it’s was of are as really might more seem And the take I

to just target more going and are imaging. graphics professionals not We focus on

what’s the on We gaming. going with focus on to are happening video or web

at And was expansive situation the of how so And same I looked it part here. it. think we that’s an

expanding they of not combined. about what communities we really lot. desktop. have bring what Multi-surface done power they to and bear it’s that community had it relates ways, and their in talked to have many about to also that been to It’s and on how able something web. use us, For Jay, about as really the have we is to the all It’s about a artificial intelligence, plug-ins the we a

been to did It’s the the about about in all really this that’s I picture my design perspective, having. that. we So on presence is dramatically complementary big things have have But this it David, conversation Scott about Certainly, that desktop. feel expanding David, and done. And is to from screen free we Dylan, adjacency. have that a and add

top that XD, primary product two And is sets collaboration. illustration a lens these put wealth and of applications, never beginning happened what video have have on new basically re-imagine story. it such technology been two this allow would for things photography like this could better-together from the integrating we From on the market to a look companies things of and do in platform future from and Figma into with in and two and focus that the do creation it all and and -- a particular, technology, platform and Creative top of and combination. -- couldn’t we building Shantanu that that Yeah. what content imaging Dylan, Bringing see should the the our of use combining enabling mentioned, expertise incredible then of around set it What the are coming have us really as our cases the rich the were enable taking individually. -- or together that products could they we for of built the we by whole -- not conversations on to flagship things has bring

you. Thank

comes The Saket from next Barclays. question of Kalia

when a loop puts any there that business taking the guys. Hey, for Figma. Thanks and to question focus announcement. minute you, guiding EBIT just on are profitability of to us about about to top and and maybe Are congrats core can anything but year, on year understand in you margins sort that, thinking to Figma takes the course, my that then Great. maybe how next for that where want on go you do Okay. just you I organic then keep note? we think of for over for it, with of should Dan, And and time? margins and in all the mind this

Sure.

So let me in order. take them

seeing the invest planes led environment. products, we But going how we drive what half being the is that’s trajectory and in What normalized to of in-person talked we is product I operating to We of a our think, back about a market. how also would I complementing the year. reflective think, on normalized more back to of throughout the bit say those are the with how products, are market this reflective think in environment. year, we the see we margins growth, it can about interaction, repopulating as you XXXX, getting continuing I So campuses, more

a a environment. of that’s about half maybe So think XXXX say, second the bit what normalized of would I more as

about about that a this transaction, disciplined things. As in context We about we of talked couple we growth. is way. delivering of is a talked the -- growth a This the think Figma margins and couple about in

we talked that we So that that point more I when in maybe the normalized margins of are operating rate. about from the the to to be get years couple I XXXX year first would basis. And in X I think close. being neutral I would an register year X of on again, influence points to be three, the also I Q&A. it versus standpoint. mentioned to a we expect standalone delta that post earlier close, one, more by margins if about half two about time where then think want about And second year context, point post baseline And Think run

past growth margins, EPS growth to profile To year point at going than look As one, see and When we driving near-term. start operating in we really amortize a we in you feel get view the account to delta then will GAAP period potentials growing obviously, amortization are after stay that stock-based and unlock will four-year rate the that a period. we be equity with more our inflection run with faster so normalized revenue to and see way. and we bigger and disciplined the those for stock-based that our consistent employees company good compensation, we a that programs the incentivize about you compensation to it back a will over

on about operating margin see a we non-GAAP the trajectory GAAP So and side will good from the pretty feel standpoint. impact you more

helpful. very again. Thanks, Congrats Dan. Very,

Thanks.

Hey, Operator.

coming up hour. the top the are of We on

squeeze questions to more two try please. Let’s in

go straight Phil Credit of Suisse. can Certainly. We Winslow to

your the near-term saw QX. years. of just to bit of you Thanks to compared Hi. around uplift last we focus selling in to were on If question. Friday my prior for year, sort period in sort for Black taking the back terms I more a little guidance as in a of wanted lower

you that always stronger When your uplift sort baking also year but in or Now, what spending? is for obviously. for Black last QX, is again, business you in of business guidance you for QX that seasonal of about those are trends, a also think seasonally sort that Friday the enterprise Friday going compared we to this Adobe, into sort of period into obviously, spend period Black are are going

of we days, the we the a enterprise guiding is into tends year, as and have of we consumer over enterprise the business built are think as QX I mentioned in factored some business well that closing us commerce terms and Phil, that our pipeline the in that and seasonality, guiding. as targets as we the said are in prepared all remarks, you strong typical both to season be for

that changing anything different we seen. based than not on are We have

we is So we the another targets our close if we you believe expect initial have I that to continue providing, that year. and at resilient think to to business seasonal the are would look strong

Great. Thanks, guys.

Kirk the question And comes today ISI. of Evercore Materne final from

wanted Hi. your Dan, I just acquisition. on the follow up congrats deal. around Thanks on on very dilution comments to and the maybe much the

what the Shantanu based all of expand sort nature the the and deal, have of about just said think I to on market. you the of ability complementary

I the what’s onto your think meaning sort to somewhat people immediately realize perspective, would more for leaving that you that sort dilution go-to-market scale? dilution sales just deal, turbocharge that’s synergy perspective your just length of think why isn’t of I bringing Thanks. early, a are from are think, more forecast of or -- given with from into confusing but the it’s are So baked how platform this is theoretically a of -- Figma I be much folks? this upside, because the I there go-to-market you given should I asking complementary

growth us, certainly, expect all and for -- of the companies topline what terms I our in think, the continued would their this would they about growth Well, what at is both of you top growth, look actually accelerate. continued we and if line

think I time, more are my have as as of as we the at to FA well against benefits we so continue with plan to it. that overachieve get associated maybe from allows actually more color think show perspective, to those. that And share But we happy meeting, we us combination, the the really a

Okay.

And is that since the…

Yeah.

ahead. Go

a that get operating you to to trying think would sooner. combined effectively do guys just sense seemingly could more of greater are certain just which degree create together, it the the of I these perspective. a actually leverage you am for Just meaning can of from get to new developers -- a difficult that grow I efforts require on go us too new Adobe follow-up both faster, them to, sort that. would overlap opportunity

sort I as to that closer what guess, expectations a trying parts this, near deal in you of sort to just see kind leaving am embedded lot but little are realize the or bit of for I is closing? was in your a I to just curious, to get, happens term the I there’s So what’s -- you that moving of of

for stock the in means is think everything, a is we and are terms factoring approximately that including and just I dilution. of this in what half us, fact of that stock it in purchase

we that. we As offset will to said, start

flow tremendous drive have continue making to generation. the aggressive the are But We from we perspective, about and sure cash to be our topline that bottomline. we going

I the question do on in perspective, the is macroeconomic I of is And customers we current are mind in our excited at terms to from first say, And and about what want this great our business. to was much so delivering very my opportunities. that value growing industry creating and that foremost, the clip the business was, environment. last great really since a current mean new in

to life, initiatives whether digital. going and work, that everything how new they where is this are world have impacted how it’s by they all play, are We growth relevant in be are demonstrating they multiple mission-critical digital-first are

So, very first that the as as ability of we from our ability the customers. in serve opportunity to perspective, terms of about and of existing Figma, portfolio of the turbocharge and that portfolio. ever current both the well the foremost, is set broadening company my The to has, confident growth are the addition trajectory

about hope lot our greater about I of that so And setting opportunities. existing excitement sure that context, you business within all more future that place are we and making which confidence view is in

having lot a there. come will hope to of look you forward you I MAX. at do We

we And We we when join that, to planning that are as with will part more that. of it would well turn share an be over section FA happy with you and I so Jonathan. to

joining us concludes everyone, This Thanks, thanks, Shantanu, and the call. morning. for this